Coach 2013 Annual Report Download - page 323

(k) The Board of Managers shall also comply with any applicable insurance requirements contained in (i) Sections 1.1(a),
(b) and (c) of Exhibit G to the Master Declaration, and (ii) so long as the Building Loan Mortgage remains in effect as to any Unit, the Building Loan
Agreement and the Building Loan Mortgage.
Section 12.2 Unit Owner Insurance. Each Unit Owner and any Sub-Board shall obtain and maintain the following insurance in such
amounts and in such limits as described below, or in such higher amounts and in such higher limits as the Board of Managers, from time to time, may
determine:
(a) Commercial General Liability policy of insurance in the then most current form of ISO CG 001 [07 98] (which
includes water damage insurance), or equivalent liability coverage, with limits of not less than $1,000,000 per occurrence and $2,000,000 annual aggregate per
location and an Umbrella or Excess Liability policy which is no less broad than the underlying Commercial General Liability policy, including Cross
Liability coverage (if available) covering one insured against another, Owned, Hired and Non-Owned Auto Liability, Notice and Knowledge of Occurrence,
Unintentional Errors and Omissions, and Contractual Liability Products and Completed Operations Liability coverage, with limits of not less than
$25,000,000 per occurrence and annual aggregate per location. The Unit Owner or Sub-Board purchasing such Commercial General Liability policy shall be
the named insured. The Board of Managers and the other Unit Owners, and any other Sub-Board, together with its or their respective subsidiaries, affiliates,
directors, officers, members, managers, partners, agents, employees, servants and assignees, managing agents and mortgagees, shall be included as
additional insured(s) on a primary basis.
(b) Insurance against loss customarily included in a so-called Special Causes of Loss property insurance and
Comprehensive Boiler & Machinery coverage, each on a replacement cost basis, covering the interests of the Unit Owner and its Permitted Mortgagee and any
Declarant Net Lessee in the applicable Unit and its Exclusive Use Common Elements (and specifically including any and all equipment and facilities for the
provision of any utility or other services to the other Units in the Building and all fixtures, fit-out, improvements, furnishings, betterments and personal
property within or included in the applicable Unit and its Exclusive Use Common Elements), as their respective interests may appear, in amounts reasonably
sufficient to undertake and complete any Unit Restoration Work (as defined in Section 12.8.4 hereof) and otherwise comply with Section 12.8.4 hereof.
(c) Business Income and/or Rental Income due to an occurrence or accident insured under the Special Causes of Loss
policy and the Boiler and Machinery policy. The coverage shall be provided on “Actual Loss Sustained” valuation in amounts of not less than twenty-four
(24) months of the then annual Common Charges payable by the applicable Unit Owner at the time of purchase or renewal of such policy. Such policy of
Business Income and/or Rental Income shall have a maximum deductible of no more than six (6) months of the then annual Common Charges payable by the
applicable Unit Owner at the time of purchase or renewal of such policy. Each Unit Owner shall use commercially reasonable efforts to name the Board of
Managers as “loss payee”, as its interest may appear, under such policy.
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